A&P Posts 1Q Profit

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Montvale, N.J. Great Atlantic & Pacific Tea Inc. (A&P) said Friday it swung to a profit in its fiscal first quarter from a loss last year, helped by a higher than 3% rise in total company same-store sales, and in its recently acquired Pathmark chain.

The supermarket company that owns A&P and other stores said it swung to a fiscal first-quarter profit of $2.2 million compared to a loss of $65.1 million in the same period last year.

Revenue rose 74% to $2.92 billion from $1.68 billion in the same period last year.

Economic conditions that have hurt other industries, such as restaurants, are helping the company, chairman Christian Haub said in a statement.

Economic conditions that have hurt other industries, such as restaurants, are helping the company, chairman Christian Haub said in a statement.

"The economic environment and change in consumer behavior is actually benefiting our business, as we are well-positioned to take advantage of consumers trading from restaurants to grocery stores, consolidating their shopping trips due to higher gas prices and seeking those stores that offer great quality and service at competitive prices," Haub said.

Chief executive Eric Claus said the company will focus on reaching operating profitability.